How Will Advanced Micro Devices (AMD) Stock React to This Analyst Action Today?

NEW YORK (TheStreet) -- Shares of Advanced Micro Devices  (AMD) are falling -18.93% to $3.70 in early market trading after the company was downgraded by Canaccord Genuity Group  (CF) to "underperform" from "neutral" today, lowering its price target to $4 from $4.50. 

The chip maker yesterday reported a net loss of $36 million, or 5 cents a share, in the second quarter ending in June, an improvement from the net loss of $74 million, or 10 cents a share, in the same quarter a year ago.

AMD's revenue increased 24% to $1.44 billion in the second quarter. The company said its third-quarter revenue would rise 2%, plus or minus 3%, from the June quarter.

 
 
That would be about $1.47 billion. Analysts on average had expected revenue of $1.44 billion in the second quarter and $1.57 billion in the third quarter, according to Thomson Reuters I/B/E/S.
 
AMD Chart AMD data by YCharts

STOCKS TO BUY: TheStreet Quant Ratings has identified a handful of stocks that can potentially TRIPLE in the next 12 months. Learn more.

More from Markets

Dow Slips 178 Points; S&P 500 and Nasdaq Also Decline

Dow Slips 178 Points; S&P 500 and Nasdaq Also Decline

Legal Weed Sales in California Are Off to a Less Than Smokin' Start

Legal Weed Sales in California Are Off to a Less Than Smokin' Start

Owner of Moviepass Sees Stock Plummet

Owner of Moviepass Sees Stock Plummet

Ford, GM Gain as China Slashes Auto Import Tariffs

Ford, GM Gain as China Slashes Auto Import Tariffs

U.S. Crude Oil Hits Fresh 3-Year Highs as Gasoline Heads to $3 a Gallon

U.S. Crude Oil Hits Fresh 3-Year Highs as Gasoline Heads to $3 a Gallon